Sen. Rand Paul (R-Ky.) and other conservative Republicans are criticizing the spending cut announced by the House GOP on Thursday. 

House Majority Leader Eric Cantor (R-Va.) said new job data is proof that the GOP plan of cutting spending and reining in regulations is the right way forward.

“Though the unemployment rate suggests a small step in the right direction, we have a lot of work to do," he said in a statement. "With a continued commitment to cut spending and damaging federal regulations, we will grow the economy and create private sector jobs.”

Aide for Sen. Tom Harkin reportedly met with lobbyists to issue a "call to arms" to fight GOP spending cuts.

The nation’s unemployment rate dropped to 9 percent in January, but job growth remained anemic.

Friday's Big Story:

The American economy could have added jobs numbering in the six figures for a second consecutive month in January, if recent estimates are to be believed. But when the Labor Department releases its latest figures on Friday morning, don’t expect too much change in the 9.4 percent unemployment rate. 

Sen. Sherrod Brown (D-Ohio) joined 13 other senators in sending a letter Thursday to House leadership urging an extension of the Trade Adjustment Assistance (TAA) Program.

The program, set to expire Feb. 12, provides training and wages for workers who lose their jobs because their employers can’t compete with increasing imports.

"Over 360,000 Americans have been certified for TAA assistance over the past two years, and over 40 percent of them were certified because of the improvements to TAA that were enacted in 2006," Brown said. "It is critical that we preserve all these improvements to TAA.”

Some, such as Budget Committee Chairman Paul Ryan, criticize the $32 billion in cuts from current spending as insufficient.

The Treasury secretary told Sen. Pat Toomey that a plan to avoid default without raising the debt limit is "unworkable."

Sens. Tom Coburn (R-Okla.) and Mark Begich (D-Alaska) introduced a measure on Thursday that will rescind funds for so-called orphaned earmarks for an estimated savings of $500 million. 

The bill would require the return of unused funds of earmarks that have used 10 percent or less of appropriated funds after nine years, with the possibility of holding funds one more year for earmarks the agency head says will be funded within the following 12 months. 

“As Congress shifts its focus from earmarking to deficit reduction, rescinding funds for orphaned earmarks is an obvious step toward fiscal sanity," Coburn said in a statement.

"I urge my colleagues to pass this measure as soon as possible,” he said, noting that the Senate passed similar language last year by a margin of 87-11.